Support Bounce forms Bullish Harami on DIA, SPY, IWM, QQQ...

 
© 2021
 
Futures rose before the open, notwithstanding the PPI report at 8:30 am ET came in higher than expected.  It was the opposite of the CPI reaction on Wednesday.  After the PPI report, stocks were on the upside all day.  The SPX recovered more than half of Wednesday’s selloff.
 
 
DJI +433.79, +1.29%, closed at 34,021.  HD, MMM, GS and JPM were the largest point gainers on Thursday.
NDX +107.52, +0.83%, closed at 13,109.
SPX +49.46, +1.22%, closed at 4,112.               
 
TSLA -3.09%, break of six-week support.
 
SPY = bounced closed at support, bullish harami.
DIA = bounced at support, bullish harami, channel bounce setup.
QQQ = below short-term support, bullish harami, in a sideways channel.
IWM = closed above short-term support in a channel, bullish harami.
 
Ten of eleven sectors were higher on Thursday, led by XLU, XLI and XLF.
 
Utilities leaders: CNP, EXC, FE, DUK
Industrials leaders: PH, AOS, TXT, ALK,
Financial leaders: BEN, MTB, PBCT, ALL
 
SPY up 4.87 at 410.28, on 106.3 million shares, above average volume, up on lower volume. 
VIX down 4.46 at 23.13
 
HD, TRV, JPM, MMM led the DJIA, 29 advancers, +27
GCI, NUE, LRCX, PHM led the SPX, 441 advancers.
PTON, LRCX, AMAT, ASML led the NDX, 77 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up: IWM, DIA, SPY, QQQ,
Down:
 
Advancers strengthened on Thursday as advancers led 2,264 to 1,083 on the NYSE and led 2,218 to 2,101 on the NASDAQ.
 
The SPY MFC green line is pointed down at 70.1 and is defensive.  SPY is a channel bounce setup. 
 
 
Uptrend sectors:  XLB, XLF, XLI, XLP, XLV, XLE, XLRE, XLC, XLY, XLU, XLK,
Neutral sectors: 
Down trend sectors:
 
The 6-month intermediate trend is up.  The ten-day trend is down.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Down
 
77 of 100 NDX stocks closed higher on Thursday.
 
27 NDX stocks are above their 30 DMA:   ORLY, AEP, XEL, FAST, COST, CERN, VRSN, ALXN, CHTR, MDLZ, CMCSA, KHC, PEP, BIIB, GILD, TMUS, AMGN, FOXA, REGN, SGEN, ADP, CSCO, CSX, CTAS, INCY, PAYX, PCAR, WBA,
 
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 8
ADP, CSCO, CSX, CTAS, INCY, PAYX, PCAR, WBA,
 
 
Moving Below 30 DMA = 1
CHKP,
 
 
Add Comments here: